Top auto dealer Savico targets profit of $18.5 mln in 2023

Major auto dealership Savico targets revenue of VND29,700 billion ($1.25 billion) in 2023, and after-tax profit of VND439 billion ($18.5 million), up 39% but down 25% year-on-year, respectively.

Savico said the auto market will face difficulties in 2023 due to macro, economic and political instabilities, according to the company's annual report.

In 2022, it reported revenue of VND21.49 trillion ($905.37 million) and after-tax profit of VND329 billion ($13.86 million), up 50% and 126%, respectively.

The corporation achieved positive business results in the year thanks to the strong growth of the automotive market in Vietnam, Savico said in a release.

In December, Savico revamped its board of directors, appointing four new members with proven track records to take the corporation forwards during its next development phase.

Their replacements aimed to enhance corporate governance, strengthen the company’s commitment to excellence, and set the next stage of sustainable growth.

Savico is known as the largest and oldest automobile distribution agent, established in 1986. The corporation is also a pioneer on the stock exchange, officially listed on the Hanoi Stock Exchange (HNX) in 2006 before switching to the Ho Chi Minh Stock Exchange (HoSE) in 2009.

Total sales of Vietnam Automobile Manufacturers’ Association members, excluding VinFast and Hyundai, increased 33% year-on-year to 404,635 in 2022. They included 316,941 passenger cars, up 48% year-on-year; 82,714 commercial vehicles, down 1.5%; and 4,980 special-purpose vehicles, down 14%.

The number of completely knocked down vehicles hit 226,487, up 30%; and that of completely-built-up units reached 178,148, up 37%.